EU increased DRI imports in 2024

SteelRadar sources indicated that the EU reduced its direct imports of reduced iron by 11% to 2.61 million tons in 2023 compared to 2022. It was also seen to have increased by 146.5% to 213.12 thousand tons in December 2023 compared to the previous year.

In January 2024, Italy was the largest importer of direct reduced iron products among EU countries with 141.26 thousand tons, followed by Germany with 62.67 thousand tons (up 44.1%). The Netherlands imported 74.34 thousand tons and Belgium 50.66 thousand tons. Russia was the largest supplier of DRI to the EU, as in the first month of 2024 Russian companies supplied 187.45 tons of DRI to EU companies, up by 67.7% annually and 46.9% monthly.

The main importers of DRIs supplied from Russia include Italy with 120.04 thousand tons, up 181.3% compared to 2023, and Belgium with 50.66 thousand tons, up 5.9%. In January 2024, Libya exported 24.45 thousand tons of direct reduced iron to the EU in the month only, a significant increase of 635% compared to December 2023. The country increased its DRI supplies by 45.2% compared to the previous year, while Venezuela increased its exports by 493% compared to the previous month and supplied 29.998 thousand tons of DRI to the EU.

According to SteelRadar sources, it remains to be observed how the EU, which started 2024 with an increase in DRI imports, will balance imports and exports in the coming quarters.